--- title: "Indian space economy is about to react USD 40 bn by 2024, says Union Minister Jitendra Singh." description: "Indian space economy is about to react USD 40 bn by 2024, says Union Minister Jitendra Singh" author: "Saumya Mishra" published: 2023-11-28 updated: 2023-11-28 canonical: https://www.mindstick.com/news/3592/indian-space-economy-is-about-to-react-usd-40-bn-by-2024-says-union-minister-jitendra-singh category: "technology" tags: ["space science"] reading_time: 2 minutes --- # Indian space economy is about to react USD 40 bn by 2024, says Union Minister Jitendra Singh. - **Over 70% of India's space resources will come from the** [**non-government sector**](https://yourviews.mindstick.com/view/84407/business-ethics-in-private-sector)**.** - **India's space achievements, such as the detection of the H2O molecule on the** [**Moon**](https://www.mindstick.com/news/3306/chandrayan-s-3-pragyan-is-exploring-moon-s-surface)**, have positioned the country as a global leader.** - **The opening up of the space sector to private players has been a game-changer, supplementing resources and popularizing space science in the country.** India's space economy is poised to reach **$40 billion by 2040**, according to Union Minister Jitendra Singh. The country has made significant strides in [space technology](https://www.mindstick.com/blog/301724/why-is-space-technology-important), including launching satellites and developing advanced spacecraft. The government is investing heavily in the space sector, and [private companies](https://answers.mindstick.com/qa/115556/how-are-private-companies-like-spacex-changing-the-landscape-of-modern-space-missions-today) are also playing an increasingly important role. ***Revolutionizing Space Economics:*** Singh expressed confidence in India's space sector's transformative journey, citing predictions by foreign agencies, including AKD, that estimate the space economy could surge to **USD 100** billion by 2040. ***Contributions from Foreign Satellite Launchs:*** Highlighting India's progress, Singh noted significant earnings from foreign satellite launches. The nation earned about EUR 230-240 million for launching European satellites and **USD 170-180** million for launching American satellites. ***[Role of the National](https://answers.mindstick.com/qa/104493/what-is-the-role-of-the-national-stock-exchange) Research Foundation:*** Singh emphasized the role of the National Research Foundation, envisioning a substantial industry presence and over 70% of space resources sourced from the non-government sector. ![Indian space economy is about to react USD 40 bn by 2024, says Union Minister Jitendra Singh.](https://www.mindstick.com/usernews/655071/56384539-a5c1-43bf-a5d4-5244db233016/images/d8b7575e-06a1-4f2e-aa04-07da28a981f3.jpg) ***Resource Crunch and Scientific Acumen:*** Acknowledging past resource challenges, Singh praised India's scientific acumen for overcoming obstacles and achieving [significant milestones](https://www.mindstick.com/forum/158164/what-are-some-of-the-most-significant-milestones-in-the-history-of-aerospace-engineering) in [space exploration](https://www.mindstick.com/blog/302957/spacetech-surges-recent-breakthroughs-in-space-exploration). ***Private Sector Participation:*** [Singh credited](https://answers.mindstick.com/qa/35817/why-is-manmohan-singh-credited-more-for-1991-reforms-instead-of-narasimha-rao) the decision to open up the space sector to private players as a game-changer, providing both financial and knowledge resources to supplement the government's efforts. ***Gaganyaan [Human Spaceflight](https://answers.mindstick.com/qa/114596/what-are-the-key-milestones-in-nasa-s-history-of-human-spaceflight-programs) Mission:*** Singh highlighted the [**Gaganyaan**](https://yourviews.mindstick.com/view/85833/why-gaganyaan-3-mission-was-important-for-india) **human spaceflight mission** as the next significant development, with a trial flight test already conducted. India aims to send a man to space by 2025, with a female robot mimicking astronaut actions preceding the mission. --- Original Source: https://www.mindstick.com/news/3592/indian-space-economy-is-about-to-react-usd-40-bn-by-2024-says-union-minister-jitendra-singh Copyright © MindStick Software Pvt. Ltd. This Markdown version is provided for developers, AI systems, and offline reading.